A customer shops online. In Vietnam, the e-commerce landscape is dominated by three major platforms. (Photo: VNA)
According to the Southeast Asia E-commerce 3.0 report by Momentum Works, the region’s total gross merchandise value (GMV) across e-commerce platforms reached USD 128.4 billion in 2024, marking a 12 per cent year-on-year increase. The region processed an average of 43.6 million online orders per day, approaching the volume of the United States.
Shopee, Lazada and TikTok Shop collectively accounted for more than 90 per cent of total order volume, with Vietnam ranking among the region’s five leading markets, alongside Thailand (USD 23.5 billion), Malaysia (USD 11.5 billion), the Philippines (USD 16 billion) and Singapore (USD 4.9 billion). Thailand and Malaysia posted the fastest growth, at 22 per cent and 20 per cent respectively.
Indonesia remains Southeast Asia’s largest e-commerce market, generating USD 56.5 billion in GMV and holding a 44 per cent market share. However, growth in Indonesia slowed to 5 per cent due to ongoing platform mergers.
In Vietnam, Shopee led the market with 65 per cent of GMV, equal to approximately USD 10.4 billion. TikTok Shop followed with 28 per cent (USD 4.5 billion), Lazada with 6 per cent (USD 1 billion) and Tiki with 1 per cent (nearly USD 200 million).
In addition to major e-commerce platforms, other digital commerce channels, including brand websites, multi-brand retailers, social media and messaging apps like WhatsApp, contributed another USD 16.8 billion to Southeast Asia’s total online sales.
The report also highlighted the resurgence of Chinese consumer brands in the region, noting their return with upgraded products and more localised strategies aimed at capturing high-potential market segments.
Momentum Works projects that Southeast Asia’s e-commerce sector could generate an additional USD 131 billion in transaction value by 2030 if businesses successfully adopt artificial intelligence across sales, logistics, customer service and operations.